• Deborah

On December 20, the European Banking Authority (EBA) published a draft regulatory technical standard (RTS) (‘the draft RTS’) setting up a central database on anti-money laundering and countering the financing of terrorism (AML/CFT).

The draft RTS also specifies when a weakness must be considered material, the type of information collected, how the information in the database will be analysed and disseminated by the EBA.

Considered as an ‘early warning tool’ by the EBA, the central database will facilitate the exchange of information between competent authorities, a prerequisite in strengthening AML/CTF supervision as well as preventing and countering ML/TF in the EU.

The EBA will submit these draft RTS to the European Commission for approval.

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